Financial Protection

Income Protection Insurance

Family with income protection insurance

If you are unable to work due to illness or injury, income protection insurance provides a regular monthly income that can help you cover your bills and maintain your lifestyle.

This type of insurance can tailor policies to suit your individual needs and circumstances, allowing you to choose the level of cover that is right for you, as well as the length of time that you want the policy to run. This flexibility enables you to design a policy that meets your specific needs and budget, providing reassurance that your ongoing financial commitments will be met in the event that you are unable to work for an extended period of time.

Family with income protection insurance
Protect your assets

Financial security

This insurance will provide you with a regular monthly income that can help cover your bills and maintain your lifestyle, if you become unable to work due to a specific illness or injury.

Protect your loved ones

Peace of mind

Having a safety net in place can give you peace of mind, particularly if you have dependents who rely on your income.

Estate Planning - wills & trusts

Flexible cover

You can customise income protection insurance policies to meet your individual needs, including the amount of coverage you require and the waiting period before your benefits start.

Why use a Financial Adviser to take out income protection insurance?

We’re not tied to a specific provider. We search the whole market to find the most cost-effective product

We carefully listen to your requirements and provide solutions that are tailored to your needs.

We are available to answer any questions you may have.

We structure the policy to ensure the best outcome for you and your family.

We give you expert advice on the different types of income protection products available.

We provide ongoing support throughout the lifetime of your income protection policy.

Frequently asked questions about income protection insurance

Income protection insurance is an insurance type that financially supports individuals who cannot work due to an illness or injury. It provides a regular payment that replaces part of your income and there is often a pre-arranged waiting (deferred) period before any payment starts. Individuals who have dependents, a mortgage or other debt, or jobs without sick leave or disability benefits may need income protection insurance. It is important to evaluate your financial situation and consider how losing income could affect them before deciding whether to purchase income protection insurance.

Insurers generally offer income protection insurance to self-employed individuals who work more than 16 hours per week. Income protection can be crucial for self-employed individuals as they typically do not have access to sick leave or other benefits provided by an employer. However, eligibility and the coverage amount may vary between insurers, and self-employed individuals may need to provide additional documentation to demonstrate their income and financial situation. It is essential to check with potential insurers to understand their specific requirements and any exclusions or limitations that may apply to self-employed individuals.

The cost of income protection insurance can vary based on several factors such as the level of coverage, waiting period, age, health status, and occupation. Policies with higher coverage and shorter waiting periods tend to be more expensive than those with lower coverage and longer waiting periods. Other factors that may affect the cost include the insurer’s underwriting process, any exclusions or limitations, and location. Some insurers may offer discounts for bundling multiple policies or being a non-smoker. It is essential to review the policy carefully to understand the costs involved, including any ongoing premiums, fees, and charges.

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